Nel ASA

Regulatory Filings • Mar 31, 2020

Press Release: Awarded grant to develop a novel electrolyser stack to enable lower cost hydrogen generation

Press Release: Awarded grant to develop a novel electrolyser stack to enable lower cost hydrogen generation

(Oslo, 31 March, 2020) Proton Energy Systems, Inc. (dba "Nel Hydrogen US"), a

wholly owned subsidiary of Nel ASA (Nel, OSE:NEL), has been awarded a $1.85

million grant by the Department of Energy (DOE) for development of a novel

electrolyser cell stack approach to enable higher efficiency, low cost hydrogen

generation.

"We are very excited to receive this award from the DOE. Success of this project

will not only demonstrate a cost-effective pathway for hydrogen energy storage,

but it will also help further improve our electrolysers in general, enabling

lower cost hydrogen generation for all other customer segments," says Kathy

Ayers, Vice President R&D of Nel Hydrogen US.

The purpose of the project is to develop a highly efficient unitized reversible

fuel cell (URFC) system based on proton exchange membrane (PEM) technology. A

URFC is in principle an electrolyser stack which can be operated in reverse, to

also produce electricity as a fuel cell. State of the art fuel cells exhibit

higher efficiency and lower cost compared to electrolyser cell stacks.

Developing the electrolyser operating conditions to enable configurations that

have more commonalities with state-of-the-art fuel cells will enable lower cost

and higher efficiencies.

The project is funded by the Fuel Cell Technologies Office within DOE's Office

of Energy Efficiency and Renewable Energy, and part of DOE's H2@Scale

initiative, developed in response to the opportunity for hydrogen to provide

improved efficiency and resiliency in multiple sectors including transportation

and industry, and to realize gains in various industries using or producing

hydrogen.

ENDS

For further information, please contact:

Jon André Løkke, CEO, Nel ASA, +47 907 44 949

Bjørn Simonsen, VP Investor Relations & Corporate Communication, +47 971 79 821

About Nel ASA | www.nelhydrogen.com

Nel is a global, dedicated hydrogen company, delivering optimal solutions to

produce, store, and distribute hydrogen from renewable energy. We serve

industries, energy, and gas companies with leading hydrogen technology. Our

roots date back to 1927, and since then, we have had a proud history of

development and continuous improvement of hydrogen technologies. Today, our

solutions cover the entire value chain: from hydrogen production technologies to

hydrogen fueling stations, enabling industries to transition to green hydrogen,

and providing fuel cell electric vehicles with the same fast fueling and long

range as fossil-fueled vehicles - without the emissions.